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TEHRAN, February 28 -Chinese electric vehicle startup NIO has hired eight banks including Morgan Stanley (MS.N) and Goldman Sachs (GS.N) to work on a planned U.S. stock market listing this year worth up to $2 billion, people with knowledge of the matter told Reuters.
TEHRAN,Young Journalists Club(YJC) -Chinese electric vehicle startup NIO has hired eight banks including Morgan Stanley (MS.N) and Goldman Sachs (GS.N) to work on a planned U.S. stock market listing this year worth up to $2 billion, people with knowledge of the matter told Reuters.
Other banks are Bank of America Merrill Lynch (BAC.N), Credit Suisse (CSGN.S), Citigroup (C.N), Deutsche Bank (DBKGn.DE), JPMorgan (JPM.N) and UBS (UBSG.S), said the people, declining to be identified as the deal details are not public.
NIO’s proposed IPO of $1 billion-$2 billion comes as the firm, founded by Chinese internet entrepreneur William Li in 2014, seeks fresh capital to finance its expansion and investments in areas including autonomous driving and battery technologies, one of them said.
The move also comes against the backdrop that China, which began promoting electric cars in 2009, aims to become a dominant global producer as it bids to curb vehicle emissions, boost energy security and promote high-tech industries.
At the top end of the potential offering size, NIO’s IPO would become the biggest Chinese listing in America since the $25 billion public float of e-commerce giant Alibaba Group Holding Ltd (BABA.N) in 2014. In October 2016, Chinese logistics company ZTO Express raised $1.41 billion from an IPO in New York.
NIO, which plans to go public in the second half of the year, declined to comment on its IPO plans. BAML, Citigroup, Goldman and UBS declined comment while the other banks did not respond to Reuters emailed request for comment.
Source: Reuters
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